RIL Q3 Results: PAT rises 12.5% YoY, beats estimates; sales slump 21%

[ad_1]

MUMBAI: India’s largest listed firm Reliance Industries right now reported a 12.5 per cent year-on-year rise in its consolidated internet profit to Rs 13,101 crore, which was above analysts’ estimates.

The oil-to-telecom conglomerate reported a consolidated revenues of Rs 1.2 lakh crore, up 21.10 per cent year-on-year.

The weak topline efficiency of the corporate was attributable to the continued struggles of the refining enterprise.

Analysts had anticipated the city-based firm to report a consolidated internet revenue of Rs 11,420 crore on consolidated revenues of Rs 1.27 lakh crore.

The revenues of the refining and petrochemical enterprise, which contribute almost two-thirds to the corporate’s topline, fell to Rs 83,838 crore within the reported quarter from Rs 1.19 lakh crore, a yr in the past.

RIL’s refining enterprise has suffered because of the impression of the Covid-19 pandemic on demand for transportation gasoline, which occupies the utmost tempo within the firm’s refining slate.

The revenues of the digital providers operations rose to Rs 23,678 crore from Rs 17,849 crore a yr in the past, suggesting that the telecom enterprise continued to guide progress for the corporate.

Sales of the organised retail enterprise of the corporate below Reliance Retail Venture fell to Rs 36,887 crore within the quarter from Rs 45,348 crore a yr in the past, reflecting weak point within the retail operations attributable to localised restrictions.

Shares of Reliance Industries ended 2.4 per cent decrease at Rs. 2,049.60 on the National Stock Exchange.

“At a time when the Indian economic system is poised for a assured restoration, we at Reliance are humbled that we’ve got been in a position to contribute to it with our firm’s spectacular efficiency within the third quarter of FY21,” managing director and chairman Mukesh Ambani stated.

“We have delivered strong operational results during the quarter with a robust revival in O2C and retail segments, and a steady growth in our digital services business. I am proud that Reliance has employed 50,000 more people since March 2020,” he added.

…More to come back



[ad_2]

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *